Docusign Envelope ID." 38A94634-20S￿3l1-B2D3-Bcs33656BSF9 Registered number: 02756733 Charity number: 1017893 VISION HOMES ASSOCIATION (A Company Limited by Guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Docusign Envelope ID." 38A94634-20S￿3l1-B2D3-Bcs33656BSF9 VISION HOMES ASSOCIATION {A Company Limited by Guarantee) CONTENTS Page Reference and Administrative Detsils of the Charity. its Trustees and Advisers Trustees, Report 2-11 Trustees. Responsibilities Statement 12 Independent Auditors. Report on the Financial Statements 13-15 Statement of Financial Activities 16 Balance Sheet 17 Statement of Cash Flows 18 Notes to the Financial Ststements 19-31 Docusign Envelope ID." 38A94634-20S￿3l1-B2D3-Bcs33656BSF9 VISION HOMES ASSOCIATION {A Company Limited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025 Trustees Virginia von Malachowski. Chair Malcolm Campbell. Vice Chair Stephen Eccleston (appointed 29 May 20251 Julie Goddard (appointed 29 May 2025) James Inglis (resigned 29 May 2025) Tom Jackson (appointed 29 May 2025) Alison Parsons (appointed 29 May 2025) Zoe Richardson Benjamin Williams Company registered number 02756733 Charity registered number 1017893 Regislarad office 48 Woodville Road Harbourne Bimingham B17 9AT Company secretary Alison Beachirn Chief executive officer Alison Beachirn Independent auditors Cooper Parry Group Limited Statutory Auditor Cubo Birmingham 4th Floor Two Chamberlain Square Bimiingham B3 3AX Bankers CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ Barclays Bank PIC 3 King Street Ludlow Shropshire SY8 1AJ Page 1 Docusign Envelope ID." 38A94634-20S￿3l1-B2D3-Bcs33656BSF9 VISION HOMES ASSOCIATION {A Company Limited by Guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Trustees, who are Directors for the purposes of company law. present the annual report together with the financial statements and auditors. report of the charitsble company for the year ended 31 March 2025. OBJECTIVES AND ACTIVITIES Principal activities The Objects of the Charity are to support and promote the interests of persons who are blind, have sight loss or other sensory impaimient, or persons with a leaming disability or olher mental or physical impairments, and require accommodation, care and support to improve the quality of life of those persons. Public benefit Vision Homes Association conducts its principal activities in Shropshire. Telford and Wrekin, Herefordshire, and Bradford. People who use Vision Homes Associalion's services are drawn from many parts of the Country including from Stsffordshire, Gloucestershire. Warwickshire, Westminster. Worcestershire, Shropshire, and West Yorkshire. The People we support within Vision Homes Association's services may have congenital multiple disabilities or acquired multiple disabilities as the result of serious illness or accident. Vision Homes Association considers fully any application for its services (subject to the availability of accommodation) and no decision to offer a service is based solely on any individual's own ability to meet the cost of that service. However, where a Local Authority or an Integraled care system is unwilling or unable to fund a service and the person does not have sufficient personal funding, Vision Homes Association may not be able to proceed with offering the service to the individual until a way of meeting the agreed fee is established. Vision Homes supports a number of people who are responsible to cover the full cost of their care. Where people are self-funding, Vision Homes will support them to arrange and pay for the service they receive based on their needs and choices. All other fees charged are met by sponsoring Local Authorities, Integrated care system and other benefits, or a combination of these. This is at least in part because the costs of the services provided by Vision Homes Association reflect their specialist nature and require a highly trained and skilled workforce. However, a small number of people do have control of their own funding through Direct Payments from their sponsoring authority and are therefore responsible for paying their fees. Vision Homes Association is fully compliant with current Care Quality Commission requirements, which has been confirmed by reports following unannounced inspections at each service, and the ongoing assessment through our intemal quality frameworks. Vision Homes Association's residential care home services have undergone inspections by CQC in 2019. and all have been rated as 'GOOD' overall and a number as 'OUTSTANDING' under caring. We were also delighted to report that CQC inspected our Supported Living Services in 2023, and we achieved a 'GOOD' rating, with outstanding feedback on service delivery. Whilst there has been a pause to inspections with the roll out of a new inspection program and porlal, along with a backlog of outstanding inspections of care services due to the COVID-19 pandemic, we remain confident that the quality of our services has been maintained with ongoing monitoring activities and PIR submissions to Ihe CQC currently in place. All of these confinn that Vision Homes Association's services continue to meet legislative and regulalory requirements. Vision Homes Association seeks to engage with all the people we support, as part of our person-centred work we have created a framework that measures quality of our provision through their person-centred outcomes, this ensures that we work with people to live their best lives through their choices. We also make sure that they can be involved, as far as they wish, with a variety of aspects of the running and management of the organisation. Accordingly, people are involved at different levels in writing easy read policies, in addition they are offered the opportunity to be part of our Voices Together committee, which in turn informs how our organisation is run and reports to the Board of Trustees. The Trustees confirm that they have complied with the requirements of Section 4 of the Charities Acl 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales. Page 2 Docusign Envelope ID." 38A94634-20S￿3l1-B2D3-Bcs33656BSF9 VISION HOMES ASSOCIATION {A Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 ACHIEVEMENTS AND PERFORMANCE Chief Executive Officerfs report This year has marked a significant step forward for Vision Homes Associalion as we continue to evolve and strengthen our organisation in line with our strategic priorilies of gr0￿h, quality, and cultivating a strong people culture. Building on our existing strengths, we have clearfy defined our key objectives within updated business operational plans, ensuring that our long-term strategy is firmly embedded and translated into day-to-day delivery. These plans place a renewed emphasis on outcomes, impact, and quality of life, aligning with our commitment to person-centred, values-driven care. Work is now well underway on the development of a robust person-centred planning approach, alongside the implementation of a new outcome's framework. This will enable us to evidence the difference we make, not only in supporting individuals to achieve their goals and aspirations, but in how we empower people to thrive and reach their full potential. The framework will also support more meaningful impact analysis and reporting, reinforcing our accountability to the people we support and our stakeholders. Once again, this year has been one of purposeful change and positive transformation for Vision Homes Association. We have strengthened our operational performance across all areas, enhanced our internal communication and reporting channels, and invested in developing our people and leadership capacity, laying strong foundations for sustainable growth. As a registered provider with over 30 years of experience. Vision Homes continues to be recognised as a provider of choice and has been recognised as the Winner of the partners in Care Awards, Care Provider of the Year 2024. Aligned with outstanding care and quality support to people with sight loss and additional complex needs. Our supported living services remain in demand, and we continue to receive new referrals, which is a testament to the trust placed in our organisation. This year has brought emotional and financial challenges for Vision Homes Association. Most significantly, we experienced the sad loss of a much-loved person for whom with have provided support for many years, the passing has naturally been very difficult, and our thoughts go to the staff and families who have been affected by their loss, which has been felt across our teams, services, and wider group services. Naturally, the losses have also impacted us financially along with the subsequent breakdown of another placement. The reduction in income following their deparlure has been significant, and despite the tireless efforts of our dedicated staff teams to welcome new individuals, the process of finding the right person. someone whose needs align with our services and who will feel at home within our existing communities has been both delicate and complex. It's also imperative that any potential new people to support are a good cultural and personal fit, as we are committed to maintaining the stability and well-being of the people we already support. To continue delivering high-quality care and remain sustainable and resilient in the long term, we must acknowledge these pressures and act accordingly. As part of our strategic commitment to being fit for the future, we will be making some difficult but necessary decisions. These include reducing costs where appropriate, as well as diversifying our income by developing new services that reflect emerging needs and broaden our offer. By doing so, we can ensure we are robust enough to withstand unexpected changes and protect our ability to deliver exceptional care. We are working in close collaboration with our strategic partner. New Outlook, to expand and enhance our accommodation offer. Together, we are developing new housing solutions that are tailored, inclusive, and fully aligned with our person-centred ethos. ensuring people have the right environment to maximise their independence and well-being. This is not simply about financial resilience, it is about preserving the services we already deliver. so that we can continue to support people to live full, meaningful lives, well into the future. Page 3 Docusign Envelope ID." 38A94634-20S￿3l1-B2D3-Bcs33656BSF9 VISION HOMES ASSOCIATION {A Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Peo le and Culture Our People & Culture strategy continues to evolve, with particular emphasis being pla￿d on increasing employee engagement and driving up performance and quality through investing in a skilled and motivated workforce. In terms of our organisational culture. we continue lo ensure that our core values and beliefs help set the tone for us to develop our employee behaviours that will enable us to be successful in meeting our business strategy and objectives. In terms of some of our highlights during the year, we have completed our first staff engagement survey under a new comprehensive format, and this has provided us with some insighlful information about how employees feel about working for the Association. The results of the survey show that Vision Homes has achieved a good employee engagement score of 840/0, which indicates that staff are engaged within the Association. Plans and initiatives, mainly centred on leadership, fairness, and pay and reward, have been formulated and are being acted upon in response to the survey feedback. Although it has been a challenging year financially, we have still been able to increase basic pay for frontline staff above the minimum wage level and provided an enhancement to long service awards and provided staff with paid birthday leave. We have also introduced a new appraisal system (Individual Performance Development Review) which has enabled us to analyse staff performance levels, for the first time, and assess how effective individual objectives that have been set have been carried out. We have focused on developing management competencies as core element to performance improvement. All our Service Managers are engaged in pursuing their Level 5 in Health and Social Care. They have been involved in a 360-degree appraisal for the first time and have been able to use the feedback from the appraisal as an aid to boost their own and team performance and promote self-awareness as they reflect on their behaviours. A number of management workshops have also been completed this lasl year to help support managers in such development areas as: leadership qualities. emotional intelligence, and having difficult conversalions. Some of our plans for the coming year will centre on retention initiatives as a means to create a stable and motivated workforce, which will also help counteract some of the recruilment challenges that have been experienced in some geographical areas. We wll also focus our time in seeking to embed and consolidate a learning culture within the Association, which will increase job perfomiance, job satisfaction, and aid retention. uali and Care Vision Homes has continued to deliver high-quality, perS0n-￿ntred services, with strong outcomes across all areas of our Quality and Care strategic objective. This year, 100 % of our services are rated as Good by the Care Quality Commission (CQC), with 60 % recognised as having outstanding features. These achievements reflect our commitment to maintaining the highest standards of care and continuous improvement. We achieved a 100 % overall satisfaction rating in our Tell Us What You Think survey completed in January 2025, demonstrating that the people we support, their families, and other stakeholders value the qualily of our services. Our excellence was further recognised when we were named Partners in Care - Provider of the Year 2024 in September. In July 2024, we introduced a new Quality Framework, enhancing oversight and assurance in key operational areas including service management, medication, finance, health and safety, and care planning. This struclured approach supports compliance, drives improvement. and ensures consistency across all services. Our reach has also grown, with 28 people accessing Vision Homes services during the year, including 13 at Toll Gate Road and 4 at Ouzel Drive. We secured a pla￿ on Ihe Herefordshire County Council Supported Living Framework. strengthening our commissioning relationships and opening new opportunities for service development. We take feedback seriously. Over the year, we received six complaints, the majority relating to staff conduct, with one concerning finance systems and one relating to a service ending. Importantly, 100 % of complaints were responded to effectively and within our policy timeframes. We also received 29 compliments, highlighting the dedication and professionalism of our teams. Page 4 Docusign Envelope ID." 38A94634-20S￿3l1-B2D3-Bcs33656BSF9 VISION HOMES ASSOCIATION {A Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 We have made significant progress in involving and engaging the people we support in decision-making. The United Voices Together committee was established, providing a platform for people lo shape services and initiatives. Individuals have been direclly involved in staff recruitment and selection and played a key role in reviewing nominations for the January 2025 staff awards. Person4entred Practice in Action Our commitment to delivering person-centred care is at the heart of our Quality and Care strategy. The work outlined in our business plan such as the rollout of the What's Importanl to Me outcomes framework, training in person-centred approaches, and embedding outcomes-focused audits, has enabled us to evidence the tangible difference our services make to people's lives. The following two case studies illustrate the real-wodd impact of these approaches. They show how personalised planning, co-production, and close collaboration with families and professionals lead to improved independen￿, self-esteem, and overall wellbeing. They also highlight how our staff teams use creativity, specialist tools, and structured planning to ensure that the people we support are actively involved in decisions about their lives. In both examples, the implications are clear. By breaking down infomiation into accessible formats and manageable steps, people are empowered to make informed decisions and take ownership of outcomes. Personalised environments, meaningful activities, and supportive relationships help build confidence and emotional wellbeing. Working collaboratively with families, commissioners, and multi-disciplinary teams ensures that support is comprehensive, coordinated, and responsive to each individual's needs. Just as importantly, our teams reflect on whal works well, sharing leaming and good practice across the organisation so that the benefits extend beyond a single service. These stories are more than individual successes; they are evidence of the culture of care and engagement that we strive to deliver across all our services. and the measurable, positive outcomes that our strategic objectives are designed to achieve. Case Study 1- Claire's Story Claire, who lives in our supported living service in Bradford, has a head injury and mental health needs that affect her short-term memory and ability to plan. She wanted to redecorate her home, so the team supported her using person-centred approaches, including visual tools such as a mood board, and breaking the process into manageable steps. They involved her in budgeting and decision-making, enabling her to take ownership of the project. This experience gave her a renewed sense of achievement and pride in her home, while improving her confidence and self-esteem. Case Study 2- Tom's Story Tom moved into our residential care home at Toll Gate Road following a long hospital stay caused by a traumatic experience in a previous care setting. The team worked with Tom, his family, and health professionals to create a thorough Iransition plan, ensure the right equipment was in place, and personalise his new home. As a result, Tom now feels safe, settled, and comfortable. His physical health has improved through consistent care and rehabilitation, and he has built positive relationships with both staff and fellow residents. His family are delighted to see him thriving in his new environment. Forward view Looking ahead, a new and particularly significant policy saw the Government close the adult social care visa route, ending most new overseas recruitment amid sector-wide workforce shortages forcing providers lo rely on domestic recruitment and retention strategies. Meanwhile, vacancy rates remain stubbornly high (around 131,000 unfilled jobs in 2023-24), despite recent decreases. and demand continues to grow, especially among people with complex needs. Page 5 Docusign Envelope ID." 38A94634-20S￿3l1-B2D3-Bcs33656BSF9 VISION HOMES ASSOCIATION {A Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Further structural uncertainty stems from a major UK reform process. The Louise Casey Commission, established in early 2025, aims lo propose long-term reform of care services, but its final recommendalions are not expected until 2028, leaving urgent questions about inlerim support unaddressed. Taken together, these trends form a challenging backdrop that demands careful and considered local and national strategy. In this climate, Vision Homes remains committed to navigating the long-term complexity, not just for financial survival, but to ensure we continue delivering person centred, high-quality care with resilience and compassion. In 2025, we will continue to operate within a tight and evolving national policy environment that directly affects organisations like Vision Homes. Although government spending plans forecast real growth of approximately 4.30/0 annually in social care funding be￿een 2023-24 and 2025-26, beyond that period growth slows sharply to around 1.50/0 per year which continues to raise questions about long-term sustainability against the backdrop of rising costs. Finally, I want to express my thanks to our hardworking and committed workforce, whose dedication, compassion, and resilience have ensured we continue to deliver the highest standards of care throughout this period of change. Your commitment and hard work has been consistent, and it is very much appreciated. I would also like to extend sincere thanks to our Board of Trustees for their ongoing support, strong governance, and thoughtful decision making, which have helped guide the organisation through both challenge and opportunity. n•dty'. S5F9F 84F3 Alison%eaGhi Group Chief Executive Officer 18 December 2025 Page 6 Docusign Envelope ID." 38A94634-20S￿3l1-B2D3-Bcs33656BSF9 VISION HOMES ASSOCIATION {A Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 FINANCIAL REVIEW Review of the year The annual financial report shows a deficit for the year of £224,027 {2024 - deficit of £7,985). During the reporting year there has been additional costs to staffing to ensure that people are supported with emerging care needs, and hospital visits, we work hard to keep these costs fully funded and work closely with local authority to recover these costs, but the demands and quality of care must be met with the aim of full recovery which can often be delayed. In addition, despile our best efforts, we have had three bedspaces during the year within Residential Care. Reserves policy and review The financial viability of Vision Homes Association is reliant almost exclusively upon the fees received from Local Authorities and Clinical Commissioning Groups lo cover the running costs in any financial year. The nature of negotiations with Local Authorities and the Integrated care systems is such that the fees Vision Homes Association agree must be transparent and relate only to the support of each person. Therefore, there is no additional income to cover any unforeseen changes in either legal or financial obligations. Vision Homes Association must aim to hold sufficient reserves to ensure it is able to continue providing support to the people who use ils services despite any changes in financial circumstances, especially those that may be due to deficits resulting from vacancies. To always maintain a satisfactory level of support, Vision Homes Association estimates that a sum equivalent lo three months of expenditure including staff costs (circa. £800k> in any financial year is required as an unrestricted reserve. Vision Homes Association currently have sufficient unrestricted reserves and continues to work towards this aim. Our reserves policy has been reviewed and will be reviewed annually by the Board of Trustees. At the financial year end total unrestricted reserves were £759.801 (2024 £982,641), of which designated funds were £260,000 (2024 £260,000>. We have planned growth for the 2025-2026 financial year, and this level of reseNes will adequately support the Charity based on budgeted expenses. These reserves are to cover any unexpected drop in income, as well as protection for the Charity's core services, operations, and key overheads. It also provides security for future growth. At the financial year end there were also restricted reserves of £11,215 (2024 - £12,402). These funds are likely to be spent by the end of the 2025-2026 financial year. The Board of Trustees consider that the current level of reserves is sufficient to meet working capital and other day to day operating requirements. Risk management The overall responsibility for risk and intemal controls rests with the Board of Trustees. who must ensure that appropriate policies, segregation of duties, financial controls. and audit frameworks are in place. In 2023, a new Risk Register was developed and approved by the Board, based on Charity Commission guidance (Charities and Risk Managemenl - CC26). This register provides structured oversight of key risks, which are reviewed either six-monthly or annually depending on their severity and impact. Looking ahead to 2025126, the Risk Register will be incorporated into the Group's wider risk monitoring and mapping process. This development will give closer oversight not only of the overall risks facing the Group but also of those affecting each individual organisation within it. This integrated approach will strengthen our ability to identify, assess, and mitigate risks proactively, while ensuring that both operational and stralegic risks are monitored consistently at Board level. Page 7 Docusign Envelope ID." 38A94634-20S￿3l1-B2D3-Bcs33656BSF9 VISION HOMES ASSOCIATION {A Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Principal risks and unceriainties The Trustees actively review the major risks which the charity faces on a regular basis. Key risks are recorded on the organisation's Risk Register, are regulady managed by the leadership team, and are reviewed by the Board quarterly. The Risk Register ensures that risks are recorded and highlighted, effectively articulated, and have clear and effective mitigation strategies. Whilst not an exhaustive list, some of the key risks the organisation faces include- Management of care vacancies financial loss arising from the potential inability to secure funding against vacancies and annual income targets in a timely fashion. Cashflow depletion - potential prolonged periods where cash expenditure exceeds cash received. Unforeseen costs- unexpected costs incurred that were not planned for. Recruitment and retention of appropriate staff - difficulties in securing and retaining stsff with the relevant skills and experience in light of inflationary and logistical pressures. Golng concern There is an ongoing program to reassess the people we support and the fees we receive, to ensure Ihe income keeps pace with the rising costs, high inflation, and the increase in staff costs. Plans for 2025126 include a new care fee cost calculator, as the leadership team recognise the importance of fully costing and understanding the cost of our care to ensure that the costs of our care is fully funded particularly in light of the increase in the national living wage There is no reason to expect existing contracts to be terminated, therefore the Board of Trustees have no reason to believe that a material uncertainty exists which may cast significant doubt about the ability of Vision Homes Association to continue as a going concem, or its ability to continue with the current banking arrangements. For these reasons, the Trustees continue to adopt the going concern basis in preparing the financial statements. STRUCTURE, GOVERNANCE AND MANAGEMENT Organisational structure New Outlook Housing Association (NOHA) is the parent organisation within the Group. Vision Homes Association (VHA) is a wholly owned subsidiary of New Outlook. The two organisations operate under a shared leadership and management structure, with the Executive Team employed by New Outlook and their costs recharged to Vision Homes in accordance with agreed time allocations and the services provided. The Group operates with a consistent governance framework and aligns strategic objectives to ensure collaboration, efficiency, and value for money across both organisations. while maintaining the individual legal and regulatory responsibilities of each entity. Vision Homes Association is a charitable company limited by guarantee and was inaugurated in 1991. It is governed by a Memorandum and Articles of Association. The charity is a charity limited by guarantee and does not have share capital. The registered office is 48 Woodville Road. Harbome. Birmingham, B17 9AT. The business of Vision Homes is managed by the Board of Trustees, who are also the Directors of the Company. The Board currently comprises eight Trustees. The Trustees are responsible for setting the overall strategic direction and policy of the organisation. approving the annual business plan and budget, monitoring performance through financial and operational reporting, approving the annual statutory accounts, and making all major strategic decisions affecting the future of the organisation and its subsidiary. Page 8 Docusign Envelope ID." 38A94634-20S￿3l1-B2D3-Bcs33656BSF9 VISION HOMES ASSOCIATION {A Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 The Board has approved a Scheme of Delegation which sets out those matters reserved for the Board and those delegated to its committees and to the Chief Execulive. Day-to-day managemenl of the charity is delegated to the Chief Executive, who is supported by the Executive Team. The Executive Team is employed by New Outlook and provides leadership and management across the Group, with costs recharged to Vision Homes in line with agreed allocations and shared Servi￿ arrangemenl. The charity does not undertake any significant public fundraising activities, and the majority of its income is derived from contracted care and support services, rental income, and grant funding related to its charitable activities. Setting pay and remuneration for all staff and key personnel The Group operates a structured Pay and Reward Policy that sets out the principles, process, and governance for determining and reviewing pay, reward, and benefits across the group. This policy ensures that remuneration decisions are fair. transparent, and consistent, reflecting both organisational performance and market competitiveness. Oversight of all remuneration matters is provided by the Board-led Remuneration Committee. established under the Remuneration Committee Terms of Referen￿ (GOV 11). The Committee comprises the Chair of the Board. the Chair of the Operations (Scrutiny and Performance) Committee, and the Chair of the Finance, Audit and Development Committee, with the Chief Execulive and Director of People in attendance. The Committee meets at least annually to review the Pay and Reward Policy, consider proposed pay structures, annual uplifts (including cost-of-living adjustmenls), and any revisions to temis and conditions of employment. It also reviews the remuneration of senior colleagues. including the Chief Executive. in accordance with the organisation's Scheme of Delegation, and the Code of Governance. Pay and benefits are reviewed each April, and extemal benchmarking data (including Croner Reward and other sector comparators) may be used to ensure that remuneration remains equitsble and competitive within the wider market. The Executive Team are employed by the parent company, New Outlook, and their costs are apportioned and recharged to Vision Homes in line with agreed time allocations and service delivery arrangements across the Group. Trustees The following Trustees, who are also Directors of the charitable company, served during the year: Zoe Richardson {Chair) - resigned as Chair on 13 June 2024 James Inglis - resigned 6 March 2025 Virginia von Malachowski- appointed as Chair from 13 June 2024 Benjamin Williams Malcolm Campbell - appointed as Vice Chair on 13 June 2024 Mary Oluwaseun- appointed 13 June 2024. resigned 27 March 2025 The details of the Trustees at the date of this report are set out in the Reference and Administrative information onpage 1. Page 9 Docusign Envelope ID." 38A94634-20S￿3l1-B2D3-Bcs33656BSF9 VISION HOMES ASSOCIATION {A Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Recruitment of Trustees We welcomed a new Trustee who was elected at Ihe Annual General Meeting (AGM) for a term of three years. Ongoing Trustee recruitment has been successful with further Trustees joining the Board to provide a balance of skills, including Trustees with a financial background. Our Trustee recruitment process includes extemal adverts to attract professionals with expertise and time to give, to help shape our strategy and ensure good governance. Prospective Trustees meet our Trustees and Chief Executive and attend a board meeting before appoinlment. A detailed induction pack is provided with information on the structure, management, and financial statements of Vision Homes Association. Team meetings, site visits and ongoing training is also available following a Trustee's appointment. Employees A dedicated and enthusiastic staff team of circa. 112 employees work for Vision Homes Association. The Board of Trustees appreciate the work carried out by staff on behalf of people who use the charities, services. The staff forum continues to provide staff with the opportunity to attend a quarterly meeting with a set agenda to raise questions, concerns, and share ideas. It has been a great success, and we have had lots of positive feedback from staff. The popular monthly Team Talk newsletter, has now been expanded into a Group newsletter, giving the staff team for both Vision Homes and New Outlook a window into services and an insight into what is happening al Head Office, including a Chief Executive update and photographs and news stories from across the Group. We have also launched a new communication platform in the form of a quarterly Town hall event, following feedback from our last staff survey where staff wanted to hear more about the Exec Team and our work, all staff will receive an invite to an online iwo way communication meeting providing an insight to the work of the Exec with the opportunity to ask questions, we are working hard to ensure staff feel heard and understand more about the work of the wider group. In January, we were proud to host our annual Staff Recognition Event, a celebration of the dedication and compassion shown by our teams throughout the year. What makes this event particularly special is how it reflects the very ethos of Vision Homes: inclusive, person-centred, and community focuses. and staff chose to bring along the people we support, as well as their families, making the evening a truly shared celebration. As part of the event, staff had the opportunity to nominate and vote for their peers, highlighting the exceptional work happening across our services every day. Several team members were formally recognised for their outstanding contributions. with awards presented during an inspiring and uplifting ceremony. We were also pleased to be joined by members of the Board of Trustees and Executive Team, who greatly valued the opportunity to celebrate alongside staff, the people we support, and their families. The Board of Trustees would like to pla￿ on record their sincere thanks and appreciation to all Vision Homes Association staff. Your hard work, professionalism, and unwavering commitment do not go unnoticed. FUTURE PLANS AND OBJECTIVES Four key high-level objectives have been developed: Be a sustainable organisation, fit for the future. Grow, innovate. and develop our services and organisation. Be a great place to work, to ensure we support people to live their best lives. To do the best we can so all our services will be of high quality. An Operational Business Plan will translate the Strategic Plan into delivery, and as we are now part of a wider group structure this work will sit as part of the Group strategic review with New Outlook Housing Association. Page 10 Docusign Envelope ID." 38A94634-20S￿3l1-B2D3-Bcs33656BSF9 VISION HOMES ASSOCIATION {A Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Disclosure of information to auditor Each Trustee has taken steps that they oughl to have taken as a Trustee, to make Ihemselves aware of any relevant audit information and to esiablish that the chariws audilor is aware of that information. The Board of Trustees confirm that there is no relevanl information thal they know of and of which they know the auditor is unaware. Appointment of auditor In accordance with section 485 of the Companies Act 2006, a resolution for the appointment of Cooper Parry as auditors of the charity is to be proposed at the forthcoming Annual General Meeting. This report has been prepared in accordance wth the provisions applicable to companies entitled to the small company's exemptions. Approved by order of the members of the board of Trustees on 9 December 2025 and signed on their behalf by.. Do¢uSlgned by: U*- 2F080C5gBA164F5.. VlrglnSa von Malachowskl Chair of Trustees Page11 Docusign Envelope ID." 38A94634-20S￿3l1-B2D3-Bcs33656BSF9 VISION HOMES ASSOCIATION {A Company Limited by Guarantee) STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2025 The Trustees (who are also the directors of the Charity for the purposes of company law} are responsible for preparing the Trustees. Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally AC￿pted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied thal they give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to: select suitable accounting policies and then apply them consistently- observe the methods and principles of the Charities SORP (FRS 102); make judgments and accounting estimates that are reasonable and prudent., state whelher applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements- prepare the financial statements on the going concem basis unless it is inappropriate to presume that the Charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy al any time Ihe financial position of the Charily and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hen￿ for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the members of the Board of Trustees on 9 December 2025 and signed on its behalf by.. Do¢uSl¥n•d by: U*- 2F080 Virginia von 'Yachowskl Chair of Trustees Page 12 Docusign Envelope ID." 38A94634-20S￿3l1-B2D3-Bcs33656BSF9 VISION HOMES ASSOCIATION {A Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF VISION HOMES ASSOCIATION Opinion We have audited the financial statements of Vision Homes Association (the 'charitable companv) for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balan￿ Sheet, Ihe Statement of Cash Flows and the related noles, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Siandard applicable in the UK and Republic of Ireland, (Uniled Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the charitable companls affairs as at 31 March 2025 and of its incoming resources and application of resources. including its income and expenditure for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS IUKI) and applicable law. Our responsibilities under those slandards are further described in the Auditors, responsibilities for Ihe audit of the financial statements section of our report. We are independenl of the charilable company in accordance with the ethical requirements that are relevant to our audit of the financial statemenls in the United Kingdom, including the Financial Reporting Council's Ethical Standard. and the provisions available for small entities, in the circumstances set out in nole to the financial slatements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the finsncial statements, we have concluded that the Trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least ￿e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. other information The other information comprises the information included in the Annual Report other than the financial statements and our Auditors, Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report. we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed. we conclude that there is a material misstatement of this other information, we are required to report that fact. Page 13 Docusign Envelope ID." 38A94634-20S￿3l1-B2D3-Bcs33656BSF9 VISION HOMES ASSOCIATION {A Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF VISION HOMES ASSOCIATION {CONTINUED) We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion- the information given in the Trustees. Report is inconsistent in any material respect with the financial statements., or sufficient accounting records have not been kept. or the financial statements are not in agreement with the accounting records and returns., or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Trustees, Responsibilities Statement, the Trustees {who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disdosing, as applicable. matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic altemative but to do so. Audltors. responslbllltles for the audlt of the financlal statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors, Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always delect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misslatemenls in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below- Our assessment focused on key laws and regulations the charitable company has to comply with and areas of the financial statements we assessed as being more susceptible to misstatement. These key laws and regulations included but were not limited to compliance with the Companies Act 2006, Charities Act 2011, Charities (Protection and Social Investment) Act 2016, taxation legislation, data protection, anti-bribery and employment legislation. Page 14 Docusign Envelope ID." 38A94634-20S￿3l1-B2D3-Bcs33656BSF9 VISION HOMES ASSOCIATION {A Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF VISION HOMES ASSOCIATION {CONTINUED) We are not responsible for preventing iThegularities, including fraud. Our approach to detecting regularities, including fraud, included, but was not limited lo, the following- obtaining an understanding of the legal and regulatory framework applicable to the charitable company and how the charitable company is complying with thal framework, including agreement of the financial statement disclosures to underlying documentation and other evidence. obtaining an understanding of the charitable companls control environment and how the charitable company has applied relevant control procedures, through discussions and other management and by performing walkthrough testing over key areas. obtaining an understanding of the charitable companls risk assessment process, including the risk of fraud. reviewing meeting minutes of Ihose charged with govemance throughout the year- and performing audit testing to address the risk of management override of controls. including testing journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. Whilst considering how our audit work addressed the detection of irregularities, we also considered the likelihood of detection of fraud based on our approach. Irregularilies arising from fraud are inherently more difficult to detect than those arising from error. Because of the inherent limitations of an audit, there is a risk that we will not delect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that Complian￿ with a law or regulalion is removed from the events and transactions reflected in the financial ststements, as we will be less likely to become aware of InStan￿S of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion. omission or misrepresentalion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. www.frc.o .ukJauditorsres nsibilities. This description forms part of our Auditors, Report. Use of our report This report is made solely to the charitable companls trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an Auditors, Report and for no other purpose. To the fullest extent pemiitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed. Cooper Parry Group Limited Statutory Auditor Cubo Birmingham 4th Floor Two Chambedain Square Birmingham B3 3AX Date.. 19 December 2025 Cooper Parry Group Limited are eligible to act as auditors in terms of section 1212 of the Companies Act 2006. Page 15 Docusign Envelope ID." 38A94634-20S￿3l1-B2D3-Bcs33656BSF9 VISION HOMES ASSOCIATION {A Company Limited by Guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted funds 2025 Restricted funds 2025 Total funds 2025 Total funds 2024 Note Income from: Donations and legacies Charitable activities Investments Other income 700 2,995,979 23,200 34.696 700 2,995,979 23,200 34,696 7,047 2,867,492 20,052 27,409 Total income 3,054,575 3,054,575 2,922,000 Expenditure on: Chsritable activities 3,277,415 1,187 3,278,602 2,929,985 Total expenditure 3,277,415 1,187 3,278,602 2,929,985 Net movement In funds (222,840> {1,187} {224,027) (7,985) Reconciliation of funds: Total funds brought forward Net movement in funds 15 982,641 (222,840) 12,402 (1,187} 995,043 (224,027) 1,003,028 (7,985) Total funds carried forward 15 759,801 11,215 771,016 995,043 The Slatement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 19 to 31 form part of these financial statements. Page 16 Docusign Envelope ID." 38A94634-20S￿3l1-B2D3-Bcs33656BSF9 VISION HOMES ASSOCIATION {A Company Limited by Guarantee) REGISTERED NUMBER: 02756733 BALANCE SHEET AS AT 31 MARCH 2025 2025 2025 2024 2024 Note Fixed assets Tangible assets 12 28,316 25,064 28,316 25,064 Current assets Debtors Cash at bank and in hand 13 259.295 955,152 128,709 1,033,038 1.214.447 1,161,747 Current liabilities Creditors.. amounts falling due within one year 14 (471,747) (191,768) Net current assets 742,700 969,979 Totsl assets less current liabilities 771,016 995,043 Total net assets 771,016 995,043 Charity funds Restricted funds Unrestricted funds 15 11,215 759,801 12,402 982,641 15 Total funds 15 771,016 995,043 The entity was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the entity to obtsin an audit for the year in question in accordance with section 476 of the Companies Act 2006. However, an audit is required in accordance with section 144 of the Charities Act2011. The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. The financial statements were approved and authorised for issue by the Trustees on 09 December 2025 and signed on their behalf by.. Virgini and the Companies Act 2006. Vision Homes Association meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at hislorical cost or transaction value unless otherwise stated in the relevant accounting policy. The Charitls functional and presentational currency is British Pound Sterling {£) and is rounded to the nearest pound (£). 2.2 Golng concern The Trustees assess whether the use of going concem is appropriate, i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Charity lo continue as a going concem. The Trustees make this assessment in respect of a period of at least one year from the date of authorisation for issue of the Financial Statements. 2.3 Income and endowments All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the propety in question will nol be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Charity, can be reliably measured. Grants are included in the Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued. Other income is recognised in the period in which it is receivable and to the exlent the goods have been provided or on completion of the service. Page 19 Docusign Envelope ID." 38A94634-20S￿3l1-B2D3-Bcs33656BSF9 VISION HOMES ASSOCIATION {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies (continued) 2.4 Expenditure Expenditure is recognised On￿ there is a legal or constructive obligation to transfer economic benefit to a third party, il is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregates similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent. and depreciation charges allocated on the portion of the asset's use. Other support costs are allocated based on the spread of staff costs. Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and indudes costs of all fundraising activities events and non-charitable trading. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charitls objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. 2.5 Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity., this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. 2.6 Taxation The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxalion of Chargeable Gains Act 1992. to the extent that such income or gains are applied exclusively to charitable purposes. 2.7 Tangible fixed assets and depreclatlon Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tsngible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives. Depreciation is provided on the following basis: Motor vehicles Fixtures and fittings Computer equipment 25 % Reducing balance 25 % Slraight line 25 % Straight line Gains and losses on disposals are detemiined by comparing the proceeds with the carrying amount and are recognised in the Statement of Financial Activities. Page 20 Docusign Envelope ID." 38A94634-20S￿3l1-B2D3-Bcs33656BSF9 VISION HOMES ASSOCIATION {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies (continued) 2.8 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. A provision for the impairment of trade debtors is established when Ihere is objective evidence Ihat the charity will not be able to collect all amounts due according lo the original terms of the receivables. Prepayments are valued at the amount prepaid net of any Irade discounts due. 2.9 Cash and cash equivalents Cash and cash equivalents comprise cash on hand and &qll deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. 2.10 Liabilities and provisions Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past evenl, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debl or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimale of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounls, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost. 2.11 Financial instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. 2.12 Operatlng leases Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight-line basis over the lease term. 2.13 Fund accountlng General funds are unrestricted funds which are available for use at the discretion of Ihe Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Designated funds comprise unrestricted funds Ihat have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted funds are funds which are to be used in accordance with specific reslrictions imposed by donors or which have been raised by the Charity for particular purposes. The cosls of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Page 21 Docusign Envelope ID." 38A94634-20S￿3l1-B2D3-Bcs33656BSF9 VISION HOMES ASSOCIATION {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies (continued) 2.14 Pensions The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respecl of the year. Contribulions are charged to the Statement of Financial Activities as they become payable in accordance with the rules of the scheme. Differences belween contributions payable in Ihe year and contributions actually paid are shown a either prepa￿entS or accruals in the Balance Sheet. Critical accounting estimates and areas of judgment Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the ircumstances. The Trustees consider that there are no critical accounting estimates or significant areas ofjudgement or key assumptions that affect items in the Financial Statements other than those included within the accounting policies described above. Income from donations and legacies Unrestricted Restricted funds funds 2025 2025 Total funds 2025 Total funds 2024 Donations Grants from other charities Government grants 700 700 4,363 2,684 700 700 7,047 Total 2024 2,684 4,363 7,047 Income from charitable activities Unrestricted funds 2025 Total funds 2025 Total funds 2024 Housing and support services 2.995,979 2,995,979 2.867,492 All income from charitable acts'vities relates to unrestricted funds in the current and prior year. Page 22 Docusign Envelope ID." 38A94634-20S￿3l1-B2D3-Bcs33656BSF9 VISION HOMES ASSOCIATION {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Investment income Unrestricted funds 2025 Total funds 2025 Total funds 2024 Investment income 23,200 23,200 20,052 Analysis of expenditure on charitable activities Summary by fund type Unrestricted Restricted funds funds 2025 2025 Total 2025 Total 2024 Housing and support services 3,277,415 1,187 3,278,602 2,929,985 Total 2024 2.929,985 2,929,985 Analysis of expenditure by activities Activities undertaken directly 2025 Support costs 2025 Total funds 2025 Total funds 2024 Housing and support services 2.729,899 548,703 3,278,602 2,929,985 Total 2024 2,512,190 417,795 2,929,985 Expenditure in the prior year of £121,329 has been reclassified from support costs to direct costs so as to reflect the correct allocation based on nature of the expenditure. Page 23 Docusign Envelope ID." 38A94634-20S￿3l1-B2D3-Bcs33656BSF9 VISION HOMES ASSOCIATION {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Analysis of expenditure by activities (continued) Analysis of direct costs Total funds 2025 Total funds 2024 Staff costs Other direct costs 2.551.134 178,765 2.248,052 264,138 2,729,899 2,512,190 Analysls of support costs Total funds 2025 Total funds 2024 Depreciation Allocated support costs Governance costs 11,040 375,098 162,565 17,688 242,327 157,780 548,703 417,795 Governance costs include key management personnel other other staff costs of £125,552 {2024 £132,074) which are recharged to the Charity from its parent entity, New Outl¢)ok Housing Association. Net incomingloutgoing resources 2025 2024 Net {outgoing)lincoming resources for the year include: Operating leases - other assets Audit remuneration - audit fees Depreciation of fixed assets 17,188 13,000 15,814 18,864 8,220 17,687 46,002 44,771 Page 24 Docusign Envelope ID." 38A94634-20S￿3l1-B2D3-Bcs33656BSF9 VISION HOMES ASSOCIATION {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 10. Trustees. remuneration and expenses During the year, one or more Trustees has been paid remuneration or has received other benefits from an employment with the Charity. The value of Trustees, remuneration and other benefits was as follows.. 2025 2024 Zoe Richardson Remuneration 674 During the year ended 31 March 2025. no Trustee expenses have been incurred (2024 - £NIL). 11. Staff costs 2025 2024 Staff costs during the year were: Wages and salaries Social security costs Operating costs of defined benefit pension schemes Agency Staff 2,443,096 190,652 42,938 47,047 2,186,395 157,976 35,755 129,311 2,723,733 2,509,437 The average number of persons employed by the Charity during the year was as follows.. 2025 No. 2024 No. Administration Care staff 112 109 117 112 No employee received remuneration amounting to more than £60,000 in either year. The total employee benefits of the key management personnel of the Charity were £125,614 (2024 £102,344). The key management personnel are directly employed by the parent entity, New Outlook Housing Association Limited, and a proportion of their employee benefits recharged to Vision Homes Association. Page 25 Docusign Envelope ID." 38A94634-20S￿3l1-B2D3-Bcs33656BSF9 VISION HOMES ASSOCIATION {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 12. Tangible fixed assets Motor Fixtures and vehicles fittings Computer equipment Total Cost or valuation At 1 April 2024 Additions Disposals Transfers between classes 16,400 179,473 15,301 {94,193) {18,564) 195,873 24,759 {110,5931 9,458 (16,400) 18,564 At 31 March 2025 82,017 28,022 110,039 Deprecialion At 1 April 2024 Charge for the year On disposals Transfers between classes 16.181 18 (16,199) 154,628 12,607 (88,701) {15,978) 170,809 15,814 {104,9001 3,189 15,978 At 31 March 2025 62,556 19,167 81,723 Net book valu• At 31 March 2025 19,461 8,855 28,316 At 31 March 2024 219 24,845 25,064 The Charity has transferred assets with a net book value of £2,586 from fixtures and fittings to computer equipment as it is considered that this category best represents the nature of these assets. 13. Debtors 2025 2024 Due within one year Trade debtors 171,351 715 87,229 87,693 Other debtors Prepayments and accrued income 41,016 259,295 128,709 Page 26 Docusign Envelope ID." 38A94634-20S￿3l1-B2D3-Bcs33656BSF9 VISION HOMES ASSOCIATION {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 14. Creditors: Amounts falling due within one year 2025 2024 Trade creditors Amounts owed to group undertakings Other taxation and social security Other creditors Accruals and deferred income 32,252 287,099 41,105 23,024 88,267 27,294 15,320 33,697 8,461 106,996 471,747 191,768 15. Statement of funds Statement of funds - current year Balance at 31 March 2025 Balance at 1 April 2024 Income Expendlture Unrestrlcted funds Deslgnated funds Designated 260,000 260,000 General funds Unrestricted 722,641 3,054,575 (3,277.415) 499,801 Total Unrestrlcted funds 982,641 3,054,575 (3,277,415) 759,801 Restricted funds Sundry projects Refurbishments funds 11,853 549 (1.187) 10,666 549 12,402 (1,187) 11,215 Total of funds 995,043 3,054,575 (3,278,602) 771,016 Page 27 Docusign Envelope ID." 38A94634-20S￿3l1-B2D3-Bcs33656BSF9 VISION HOMES ASSOCIATION {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 15. Statement of funds {continued) The specific purposes for which the funds are to be applied are as follows- Designated funds The designated reserve is to cover: Capital and property projects £250,000 IT communications £10,000 Restricted funds The refurbishment funds arise from grants for the purchase of fumiture and building refurbishment and are represented by certain leasehold improvements and fixtures and fittings. Sundry projects include amounts raised or donated specifically for the benefit of service users. ststement of funds - prior year Balance at 31 March 2024 Balance at 1 April 2023 Income Expenditure Unrestricted funds Designated funds Designated 260,000 260,000 General funds Unrestricted 734,991 2,917.637 (2,929,987) 722,641 Total Unrestricted funds 994,991 2,917,637 (2,929,987) 982,641 Restricted funds Sundry projects Refurbishments funds 7,490 549 4,363 11,853 549 8,039 4,363 12,402 Total of funds 1,003,030 2,922,000 (2,929,987) 995,043 Page 28 Docusign Envelope ID." 38A94634-20S￿3l1-B2D3-Bcs33656BSF9 VISION HOMES ASSOCIATION {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 16. Analysis of net assets between funds Analysis of net assets between funds - current year Unrestricted Restricted funds funds 2025 2025 Total funds 2025 Tangible fixed assets Current assets Creditors due within one year 24,324 1.207,224 {471,747) 3,992 7,223 28,316 1.214,447 {471,7471 Total 759,801 11,215 771,016 Analysis of net assets between funds - prior year Unrestricted Restricted funds funds 2024 2024 Total funds 2024 Tangible fixed assets Current assets Creditors due within one year 25,064 1,149,345 {191,768) 25,064 1,161,747 {191,7681 12,402 Total 982,641 12,402 995,043 17. Reconciliation of net movement in funds to net cash flow from operating activities 2025 2024 Net expenditure for the year (as per Statement of Financial Activities) (224,027) (7,985) Adjustments for: Depreciation charges Investment income 15,814 (23,200) 5,692 (130,622) 280,015 17,688 (20,052) Loss on the sale of fixed assets Increase in debtors (1 ,845) 54,528 Increase in creditors Net cash provided byl(used in) operating activities (76,328) 42,334 Page 29 Docusign Envelope ID." 38A94634-20S￿3l1-B2D3-Bcs33656BSF9 VISION HOMES ASSOCIATION {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 18. Analysis of cash and cash equivalenls 2025 2024 Cash in hand 955,152 1,033,038 Total cash and cash equivalents 955,152 1,033,038 19. Analysis of changes in cash and cash equivalents At 1 April 2024 Cash flows At 31 March 2025 Cash at bank and in hand 1,033,038 (77.886) 955,152 1,033,038 (77.886) 955,152 20. Pansion commitments The Charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Charity in an independently administered fund. The pension cost charge represents contributions payable by the Charity to the scheme and amounted lo £42,938 {2024 - £35,755). Contributions of £10.013 (2024 £8,271) were payable to the scheme at the balance sheet date and are included in creditors. 21. Operating lease commitments At 31 March 2025 the Charity had commitments to make future minimum lease payments under non- ancellable operating leases as follows: 2025 2024 Not later than 1 year 9,113 6,850 22. Related party transactions New Outlook Housing Association Limited is the parent undertaking of the Charity. During the year ended 31 March 2025, a proportion of the executive team remuneration and other costs totalling £211,577 {2024 £132,074) were recharged to the Charity from New Outlook Housing Association Limited. At the 31 March 2025, an amount of £287,099 (2024 - £15,320) was owing to New Outlook Housing Association Limited. Page 30 Docusign Envelope ID." 38A94634-20S￿3l1-B2D3-Bcs33656BSF9 VISION HOMES ASSOCIATION {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 23. Parent and ultimate parent undertaking The Charity's immediate and ultimate parent undertaking is New Outlook Housing Association Limited, a Registered Society under the Co-operative and Community Benefit Societies Act 2014. The consolidated financial statements are available from ils registered office.. 48 Woodville Road, Harbome, Birmingham, West Midlands, B17 9AT. Page 31